Rigetti Computing (NASDAQ:RGTI) Stock Price Down 1.8% - Here's Why

Rigetti Computing, Inc. (NASDAQ:RGTI - Get Free Report) shares traded down 1.8% on Wednesday . The stock traded as low as $13.80 and last traded at $13.94. 20,426,528 shares traded hands during mid-day trading, a decline of 62% from the average session volume of 54,319,100 shares. The stock had previously closed at $14.19.

Analysts Set New Price Targets

RGTI has been the subject of a number of recent research reports. B. Riley lifted their price objective on shares of Rigetti Computing from $8.50 to $15.00 and gave the stock a "buy" rating in a research note on Friday, February 14th. Benchmark reaffirmed a "buy" rating and issued a $14.00 price target on shares of Rigetti Computing in a report on Thursday, May 15th. Alliance Global Partners reissued a "buy" rating on shares of Rigetti Computing in a research note on Thursday, March 6th. Finally, Needham & Company LLC cut their price objective on shares of Rigetti Computing from $17.00 to $15.00 and set a "buy" rating on the stock in a research report on Wednesday, May 14th. Five research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average target price of $14.00.

Rigetti Computing Trading Down 7.5%

The stock has a market capitalization of $3.53 billion, a P/E ratio of -32.00 and a beta of 1.41. The stock's fifty day moving average price is $9.94 and its 200 day moving average price is $9.61. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.84 and a quick ratio of 4.84.

Rigetti Computing (NASDAQ:RGTI - Get Free Report) last issued its earnings results on Wednesday, March 5th. The company reported ($0.08) EPS for the quarter, hitting analysts' consensus estimates of ($0.08). Rigetti Computing had a negative net margin of 509.58% and a negative return on equity of 51.56%. The business had revenue of $2.27 million for the quarter, compared to the consensus estimate of $2.40 million. During the same period in the prior year, the firm earned ($0.04) EPS. Research analysts forecast that Rigetti Computing, Inc. will post -0.34 earnings per share for the current year.

Insider Buying and Selling

In other Rigetti Computing news, CTO David Rivas sold 351,785 shares of the company's stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $7.76, for a total value of $2,729,851.60. Following the completion of the sale, the chief technology officer now directly owns 1,094,738 shares in the company, valued at approximately $8,495,166.88. This represents a 24.32% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.90% of the stock is owned by insiders.

Institutional Trading of Rigetti Computing

A number of hedge funds have recently added to or reduced their stakes in the business. California State Teachers Retirement System raised its holdings in shares of Rigetti Computing by 12.7% in the 4th quarter. California State Teachers Retirement System now owns 11,551 shares of the company's stock valued at $176,000 after purchasing an additional 1,301 shares in the last quarter. US Bancorp DE increased its holdings in Rigetti Computing by 29.4% during the first quarter. US Bancorp DE now owns 6,248 shares of the company's stock valued at $49,000 after buying an additional 1,420 shares during the period. Allworth Financial LP increased its holdings in Rigetti Computing by 14.9% during the fourth quarter. Allworth Financial LP now owns 11,604 shares of the company's stock valued at $161,000 after buying an additional 1,504 shares during the period. Signaturefd LLC purchased a new position in Rigetti Computing during the fourth quarter valued at approximately $25,000. Finally, Amalgamated Bank increased its holdings in Rigetti Computing by 33.1% during the first quarter. Amalgamated Bank now owns 6,516 shares of the company's stock valued at $52,000 after buying an additional 1,622 shares during the period. 35.38% of the stock is owned by hedge funds and other institutional investors.

About Rigetti Computing

Rigetti Computing, Inc, through its subsidiaries, builds quantum computers and the superconducting quantum processors. The company offers cloud in a form of quantum processing unit, such as 9-qubit chip and Ankaa-2 system under the Novera brand name; and sells access to its quantum computers through quantum computing as a service.